Define the term “asset” and provide an example of an asset within the context of a university environment. -2 marks
An asset is a resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide future benefit.
An example of an asset within the context of a university environment could be the campus buildings and property. These physical assets provide the university with facilities for classrooms, offices, laboratories, and other spaces that are essential for its operations and contribute to the overall value of the institution.